Liabilities and Net Worth OTHER CAPITAL NET WORTH ACCOUNT 2802 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Excess over par or stated value received on issuance of Capital stock. Includes the fair market value of property or other assets received from stockholders as contributions to capital for which no Capital stock was issued. TRANSACTIONS Jrnl. Read more about Other Capital[…]
Liabilities and Net Worth COMMON STOCK NET WORTH ACCOUNT 2801 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Par value, or if no par value, the stated value, of common stock issued and outstanding. TRANSACTIONS Jrnl. Dr. Cr. Stated value of Common stock issued for cash at a premium CR Cash in Bank—General Read more about Common Stock[…]
Liabilities and Net Worth PREFERRED STOCK NET WORTH ACCOUNT 2800 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Par value, or if no par value, the stated value, of preferred stock issued and outstanding. TRANSACTIONS Jrnl. Dr. Cr. Issuance of preferred stock at par CR Cash in Bank—General 1001 Preferred Read more about Preferred Stock[…]
Liabilities and Net Worth NON US DEFERRED INTEREST INCOME LIABILITY ACCOUNT 2710 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Interest income collected in advance, earned from sales on open account or notes receivable. TRANSACTIONS Jrnl. Dr. Cr. Collection of a sale, through Notes Receivable including interest for the outstanding period CD Notes Read more about Deferred Interest Income[…]
Liabilities and Net Worth OTHER LIABILITIES LIABILITY ACCOUNT 2700 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Long term liabilities not provided for elsewhere in this Manual, including income tax on expenses deducted for income tax purposes but not deducted for book purposes until a subsequent year. TRANSACTIONS Jrnl. Dr. Cr. Income tax on expense Read more about Other Liabilities[…]
Liabilities and Net Worth ESTIMATED LIABILITY FOR REPOSSESSION PURCHASE LOSS LIABILITY ACCOUNT 2600 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Allowance for losses anticipated from purchase of repossessed vehicles. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for estimated repossession purchase loss SE Repossession Purchase Loss—New 6070 Repossession Purchase Loss—Used 6170 Read more about Estimated Liability for Repossession Purchase Loss[…]
Liabilities and Net Worth NOTES PAYABLE—RENTAL VEHICLES LIABILITY ACCOUNT 2540 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Principal amount due to finance institutions on notes payable secured by vehicles in rental service. TRANSACTIONS Jrnl. Dr. Cr. Loan from finance company—secured by rental vehicles CR Cash in Bank—General 1001 Notes Read more about Notes Payable—Rental Vehicles[…]
Liabilities and Net Worth NOTES PAYABLE—LEASED VEHICLES LIABILITY ACCOUNT 2530 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Principal amount due to finance institutions on notes payable secured by vehicles in leasing service. TRANSACTIONS Jrnl. Dr. Cr. Loan from finance company—secured by leased vehicles CR Cash in Bank—General 1001 Notes Read more about Notes Payable—Leased Vehicles[…]
Liabilities and Net Worth NOTES PAYABLE—LONG TERM—OTHER LIABILITY ACCOUNT 2520 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Principal amount due to finance institutions or other sources on long term notes. TRANSACTIONS Jrnl. Dr. Cr. Loan from friend of dealer and dealership note issued payable in three years CR Cash in Bank—General 1001 Read more about Notes Payable—Long Term—Other[…]
Liabilities and Net Worth NOTES PAYABLE—LONG TERM—FORD LIABILITY ACCOUNT 2515 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Notes payable by the dealership to Ford Motor Company, five (5) years from the date of issue, or immediately upon retirement of all of the Preferred stock of the dealership, whichever occurs first. TRANSACTIONS Jrnl. Dr. Cr. Read more about Notes Payable—Long Term—Ford[…]